Wednesday, October 17, 2012

Gold on Wed 17-Oct-2012

Last few cycle spent 7 candles to rebound and cross $4-$5 above EMA50, and fall.

this round it took 10 candles, and how long would it takes to finally decide to break above EMA50 before coming down again?

Or it would never happen?

I will wait another 4 candles (4 x 4 hours = 16 hours) for retracement, unless market shows a strong reversal pattern in 30 mins or 60 mins chart.

Still, patience.

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